Hyperion
RETIRED TTA
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- Jun 4, 2012
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That has been a strategic blunder not to implement a well defined Taxation throughout the nation, and that took a toll in the foreign reserve of Pakistan.
1* Another hypothesis, given that majority of the high income groups in Pakistan have enjoyed a tax free business throughout their lifetime, don't you think they'll oppose the government's move to impose taxation will meet with severe criticism and opposition?
Keeping in mind, riches enjoys leverage in governmental decisions.
2** Another thing, there are many countries (namely US, Australia, EU)where one can get citizenship (immigration) by buying government bonds or investments of worth $200,000. Isn't there a possibility of the plight of the richer segment of population into those countries?
1* Of course, they already do (oppose it vehemently). Look at all major party leaders, PML (A/B/C/D/E/F/G........Z) they control most of the industries. Check their annual tax returns, NOTHING / ZERO / ZILCH / NADA. Dude, something amazingly BAD has to happen to Pakistan for us to get our act together.
2** No they can't. I know many people who tried it under the scheme you mentioned and various others (US/Australia/Canada EVEN Bulgaria / Estonia / Croatia). The problem is they need official source of that income, which they don't have the capacity to declare. Trust me on this one: They have in excess of hundred million dollars sitting in the banks, in gold etc, however have no receipt / record to verify ownership.